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Cannindah Resources Limited ( (AU:CAE) ) just unveiled an announcement.
Lion Selection Group has committed to invest A$2 million in Cannindah Resources as part of a A$15 million capital raising priced at 4.5 cents per share, which will give Lion about a 3.3% stake in the copper-gold explorer once the placement completes. The funding underpins Cannindah’s intensified exploration program at its Mt Cannindah project in southern Queensland, where recent work has extended high-grade copper-gold trends in the breccia orebody, defined a large Southern Porphyry Target with strong surface anomalism, and intersected copper-gold mineralisation in feldspar porphyry intrusive rocks that suggest a fertile porphyry system. With all Cannindah directors planning to participate in the placement, Lion’s backing highlights growing confidence that the existing breccia resource can support a starter mining project with substantial upside if the targeted “pencil porphyry” discovery is realised, potentially enhancing Cannindah’s growth prospects and positioning in Australia’s copper-gold sector.
The most recent analyst rating on (AU:CAE) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Cannindah Resources Limited stock, see the AU:CAE Stock Forecast page.
More about Cannindah Resources Limited
Cannindah Resources Limited is an ASX-listed mineral exploration company focused on copper-gold projects, with its flagship Mt Cannindah project in southern Queensland. The project sits in a historically productive copper-gold porphyry setting and hosts a 14.5Mt at 1.09% CuEq mineral resource within a mineralised breccia unit, with ongoing work targeting additional porphyry-style mineralisation under the guidance of newly appointed managing director and porphyry specialist Cameron Switzer.
Average Trading Volume: 892,391
Technical Sentiment Signal: Buy
Current Market Cap: A$57.77M
Find detailed analytics on CAE stock on TipRanks’ Stock Analysis page.